India’s economy will grow by lower rates over the next year than initially expected as the energy supply shock from the Middle East is hitting supply and manufacturing and raising prices for industry and consumers, analysts say. The war in the Middle East and the de facto closed Strait of Hormuz have crippled oil, LNG, and LPG supply to India, which is the world’s third largest crude oil importer and relies on the Strait of Hormuz for 90% of its imported LPG, the liquefied petroleum gas most households use for cooking. Iran has begun…

India’s economy will grow by lower rates over the next year than initially expected as the energy supply shock from the Middle East is hitting supply and manufacturing and raising prices for industry and consumers, analysts say. The war in the Middle East and the de facto closed Strait of Hormuz have crippled oil, LNG, and LPG supply to India, which is the world’s third largest crude oil importer and relies on the Strait of Hormuz for 90% of its imported LPG, the liquefied petroleum gas most households use for cooking. Iran has begun…

This week saw something that does not happen very often. WTI, normally trading at a discount to Brent crude, moved higher than the North Sea-focused benchmark. Traders explained it with fears of tight supply in the immediate term and some relief later this year. Some, however, doubt this relief would come soon enough to avoid something few like to talk about: demand destruction. Indonesia has started rationing fuel, capping daily fuel purchases to 50 liters per car for private consumers and sending civil servants to work from home to conserve fuel.…